And so one of the things that I think is important that people appreciate is, as we're going into a new year,

and so one of the things i think is important that people appreciate is as we're going into a new year


Clearly, it would be more appealing when it's accretive, but at the same time, managing to more of a constant outstanding

clearly it would be more appealing when it's accretive but at the same time managing to more of a constant outstanding


for the second fiscal quarter, with solid contributions from a broad number of our franchises.

for the second fiscal quarter with solid contributions from a broad number of our franchises


that's the quarter. Now I'll step back and talk about a few accomplishments during the year, which will deliver our long-term benefits.

that's the quarter now i'll step back and talk about a few accomplishments during the year which will deliver long-term benefits


You may now think someone is extremely qualified, but this person may have a big attitude problem.

you may not think someone is extremely qualified but this person may have a big attitude problem


We are in final negotiations to complete the Bayou divestiture and expect to complete the transaction by mid- to late August.

we are in final negotiations to complete the bayu divestiture and expect to complete the transaction by mid- to late august


And I think also China Mobile is, of course, trying to take advantage of that situation to get

and i think also china mobile is of course trying to take advantage of that situation to get


We very much want to lever our platform more fully than we have in the past.

we very much want to lever our platform more fully than we have in the past


how do I say this, once somebody's in ReposiTrak, they can more easily adopt the pieces that we've created

how do i say this once somebody is in repositrak they can more easily adopt the pieces that we've created


I know that when we chat a year from now that we'll all be pleased looking back at how '17 turned out.

i know that when we chat a year from now that we'll all be pleased looking back at how '17 turned out


So could you elaborate more on that? And what could we expect in the future in terms of additional

so could you elaborate more on that and what could we expect in the future in terms of additional


We are honored to be a part of the exciting Philadelphia research community and we look forward to fostering collaboration

we are honored to be a part of the exciting philadelphia research community and we look forward to fostering collaborations


And we further strengthened our partnership with the post office by agreeing a new supply agreement

and we further strengthened our partnership with the post office by agreeing a new supply agreement


Third, our market leadership and global footprint affords us additional economies of scale in procurement, manufacturing and marketing.

third our market leadership and global footprint affords us additional economies of scale in procurement manufacturing and marketing


The collective efforts of this team have led us to being named as a finalist in the life science industry awards category

the collective efforts of this team have led us to being named as a finalist in the life science industry awards category


by our consumers, and we decided to


E-com continued, and I'll get back to it in a second, but of course, it is vital that we maintain a very high growth rate

ecom continued and i'll get back to the second but of course it is vital that we maintain a very high growth rate


This offering gives our distributors increased flexibility to sell the products individually to those consumers who are price sensitive

this offering gives our distributors increased flexibility to sell the products individually to those consumers who are price-sensitive


and I think that's the way you should look at it. And it's going to take some investment actually for '18. But

i think that's the way you should look at it and it's going to take some investment actually for '18 but


That can always change fairly quickly from environmental issues, planned turnarounds, things of that nature

that can always change fairly quickly from environmental issues plant turnarounds things of that nature


tailoring and finessing the product to its catchment audience and curating the overall proposition,

tailoring and finessing the project -- the product to its catchment audience and curating the overall proposition


I think you highlighted that the drug monitoring testing and the vitamin D should come back once you work with the payers,

i think you highlighted that the drug monitoring testing and the vitamin d should come back once you work with the payers


As we have seen historically, the cumulative adjustment moves towards zero as the hedges are ultimately realized during the fiscal year.

as we have seen historically the cumulative adjustment moves towards 0 as the hedges are ultimately realized during the fiscal year


on the road. In the meantime, everybody's going to pay more for their auto coverage, and we will figure this out. It's a short tail line.

on the road in the meantime everybody is going to pay more for their auto coverage and we will figure this out it's a short tail line


the regulatory regime that we're under would have actually created a safer, better credit profile for a lot of our lenders.

the regulatory regime that we're under would have actually created a safer better credit profile for a lot of our lenders


and this should be particularly noticeable in the first quarter, as that 9 basis point recovery we had this quarter will be gone.

and this should be particularly noticeable in the first quarter as that 9 basis point recovery we had this quarter will begin


mix of business maybe should be shifting more to the international side. How should we think about that?

mix of business maybe should be shifting more to international side how should we think about that


but rather the result of increased investments to really expand fast. We're trying to dramatically increase our footprint.

but rather the result of increased investments to really expand fast we're trying to dramatically increase our footprint


As shown on Slide 11, we are excited about our new seed and crop protection product pipeline,

as shown on slide 11 we are excited about our new seed and crop protection product pipeline


We've already entered into agreements with multiple content providers to create compelling subscription offerings.

we've already entered into agreements with multiple content providers to create compelling subscription offerings


to their new and existing learning deals, which we believe will drive incremental annual recurring revenue.

to their new and existing learning deals which we believe will drive incremental annual recurring revenue


Those life limitations have not all been alleviated yet. And so I think there will be

those life limitations have not all been alleviated yet and so there will be


but we are not stressing out about it or we are not forcing it. If we don't find anything

but we are not stressing out about it or we are not forcing it if we don't find anything


and this is also a very good basis for very strong cash generation in the group.

and this is also a very good basis for a very strong cash generation in the group


think about years 2 and 3, I know you talked about a lower revenue trajectory. Can you be a little more specific perhaps about

think about years 2 and 3 and i know you talked about a lower revenue trajectory can you be a little bit more specific perhaps about


who would make the decision to go forward with the TwinShape duct and when they would make the decision. And about all we know is

who would make the decision to go forward with a twin-shaft duct and when they would make the decision and about all we know is


when we have our fourth quarter earnings call in February. So we look forward to sharing some insights with you on that.

when we have our fourth quarter earnings call in february so look forward to sharing some insights with you on that


we can go anywhere with the platforms provided a customer wants to go drive business success.


S.J. will review business highlights and provide color on the operating environment. Silvia will then review the company's key financial results.

sj will review business highlights and provide color on the operating environment sylvia will then review the company's key financial results


And so we start with if we're going to do something in terms of inorganic growth, don't screw it up.

and so we start with if we're going to do something in terms of inorganic growth don't screw it up


in the first quarter of 2019. In addition, we are in various stages of negotiations

in the first quarter of 2019 in addition we are in various stages of negotiations


for the quarter to show up and it has this quarter, where each of our hospitals are in the overall results.

for the quarter to show up and it has this quarter where each of our hospitals are in the overall results


Our Destination Network segment had a very good quarter. On a currency neutral basis and excluding acquisitions,

our destination network segment had a very good quarter on a currency-neutral basis and excluding acquisitions


So that should be kept in mind. But the fact that the second quarter growth

so that is -- should be kept in mind but the fact that the second quarter growth is


Because of how we have built and shaped our business over the years, we are now able to provide these labs with the ability to provide

because of how we have built and shaped our business over the years we are now able to provide these labs with the ability to provide


The underlying thesis of a sustainable recovery in the shipping market from the third quarter of this year, however, remains intact.

the underlying thesis of a sustainable recovery in the shipping market from the third quarter of this year however remains intact


As in the second quarter, divisional performances are reported in line with the new organizational structure.

as in the second quarter divisional performances are reported in line with the new organizational structure


Mark will then review our first quarter financial results in more detail. After that, we'll be happy to take your questions.

mark will then review our first quarter financial results in more detail after that we'll be happy to take your questions


I'll share some examples of those -- of this progress in a few minutes. But starting with the results on the top line.

i'll show some examples of those -- of this progress in a few minutes but starting with the results on the top line


Also, we expect our quarterly sales to follow a similar trajectory as in prior years.

also we expect our quarterly sales to follow a similar trajectory as in prior years


in areas that would be like military applications, aircraft applications, space applications.

in areas that would be like military applications aircraft applications space applications


In closing, I'm very pleased with the financial results driven by our execution for the second quarter.

in closing i'm very pleased with the financial results driven by our execution for the second quarter


We used the amounts that we received from our cinema and real estate business,

we use the amounts that we receive from our cinema and real estate business


the large part of this is about nurturing also our engineering and operational excellence.

and a large part of this is about nurturing also our engineering and operational excellence


And we feel like we have the ear of the engineer and the heart of the engineers. So new people coming onboard

and we feel like we have the ear of the engineer and the heart of the engineers so new people coming on board


As we indicated during our fourth quarter earnings call, although buyer traffic is typically slower during the winter months,

as we indicated during our fourth quarter earnings call although buyer traffic is typically slower during the winter months


With building activities slower to materialize, prices stabilized and then eroded slightly toward the end of the quarter.

with building activity slower to materialize prices stabilized and then eroded slightly toward the end of the quarter


Based on fervent discussions by academic and government bodies on the need to define what constitutes an opioid-sparing claim,

based on fervent discussions by academics and government bodies on the need to define what constitutes an opioid-bearing claim


And I hope you all sign up for your Nedbank Private Wealth app when you go out, because, remember, we want to get those revenue levels up. Thank you.

and i hope you all sign up for your nedbank private wealth app when you go out because remember we want to get those revenue levels up thank you


focus on containing expense growth. Excluding the currency impact, expense growth was well maintained

focus on containing expense growth excluding the currency impact expense growth was well maintained


call, was similar to what I think as well, that it pushes it up into a reasonable range but higher than

call was similar to what i think as well that it pushes it up into a reasonable range but higher than


creating value for all of our partners and customers across the entire payments ecosystem.


has been disciplined and relentless on execution and the result has been an incredible success.

has been disciplined and relentless on execution and the result has been incredible success


increase is largely driven by a timing difference between our recent June debt issuance and the redemption of our TRUP securities.

the increase is largely driven by a timing difference between our recent june debt issuance and the redemption of our truck securities


it means additional trucks, trailers will have to be moved on roads and across water.

it means additional trucks trailers will have to be moved on roads and across water


Looking ahead, our entire organization is motivated and focused on achieving our objectives on behalf of our customers and shareholders.

looking ahead our entire organization is motivated and focused on achieving our objectives on behalf of our customers and shareholders


fast because it is more today about keeping the current structure, but putting more transparency on the government

fast because it is more today about keeping the current structure but putting more transparency on the governance


With that, I'm going to turn it over to Rusty to go through our financial highlights. Additionally,

with that i'm going to turn it over to rusty to go through our financial highlights additionally


Keep in mind, we talked about before these restructuring activities. Part of that was ensuring that we had the right

and keep in mind we talked about before these restructuring activities part of that was ensuring that we had the right


Thank you for participating in today's conference. This does conclude the program. You may all disconnect. Everyone, have a great day.

thank you for participating in today's conference this does conclude the program you may all disconnect everyone have a great day


as we get closer to finishing those -- some of those off, we'll -- we're going to try to be a little bit more

as we get closer to finishing those some of those off we're going to try to be a little bit more


That covers the highlights for the quarter, and I'll now turn the call over to Rui to talk about our financial results in a little more detail.

that covers the highlights for the quarter and i'll now turn the call over to rui to talk about our financial results in a little more detail


With most distributors, we ship in bulk, and they distribute to the end users so we don't have complete visibility on their reach.

with most distributors we ship in bulk and they distribute to the end users so we don't have complete visibility on their reach


Over half of the fourth quarter's investments were sourced on a proprietary basis versus through traditional dealer channels.

over half of the fourth quarter's investments were sourced on a proprietary basis versus through traditional dealer channels


Growth was driven primarily by strong demand for our nasal spray systems for allergy treatments.

growth was driven primarily by strong demand for our nasal spray systems for allergy treatments


particularly on a constant dollar basis, both relative to our competitors and the macro environment as a whole.

particularly on a constant dollar basis both relative to our competitors and the macro environment as a whole


while we normally would have shown a declining level of personnel expenses driven by simplification.

where we normally would have shown a declining level of personnel expenses driven by simplification


Now we're starting to see greater entrepreneurial activity in our businesses in all of our categories.

now we're starting to see greater entrepreneurial activity in our businesses in all of our categories


We appreciate your faith, trust and patience as we continue to pursue these objectives.

we appreciate your faith trust and patience as we continue to pursue these objectives


and with our peers. Reconciliations of non-GAAP measures to the nearest corresponding GAAP measure

and with our peers reconciliations of non-gaap measures to the nearest corresponding gaap measure


and labor programs. All of the things that are important to the manufacturers will just continue to be important, and we just

and labor programs all of the things that are important to the manufacturers will just continue to be important and we just


Before we go into the details of the business units, let me give you an overview on the performance

and before we go into the details of the business units let me give you an overview on the performance


S.J. will review business highlights and provide color on the operating environment. Silvia will then review the company's key financial results.

s j will review business highlights and provide color on the operating environment sylvia will then review the company's key financial results


As you can see on Slide 8, we continued to drive growth based on strong fundamentals tied to the strength of our brands.

as you can see on slide 8 we continue to drive growth based on strong fundamentals tied to the strength of our brands


This consideration package consists of new COFINA bonds and cash paid by COFINA under the COFINA plan.

this consideration package consists of new cofina bonds and cash paid by cofina under the cofina plan


And that is because we added people earlier in the year and they became productive as the year went by.

and that is because we added people earlier in the year and they became productive as the year went by


And then as we think about leverage, we really think about our current investment grade rating as incredibly important to us

and then as we think about leverage we really think about our current investment grade rating as incredibly important to us


And one of the bigger challenges that we have, as you can appreciate, is in our large project businesses. And so in businesses like

one of the bigger challenges that we have as you can appreciate is in our large project businesses and so in businesses like


Approval by the commission would resolve the rate case, including the revenue requirement issue for Four Corners and rate case expenses.

approval by the commission would resolve the rate case including the revenue requirement issued for four corners and rate case expenses


earlier in the year or next year, we may be in the same position where that doesn't come until much later in the year.

earlier in the year or next year we may be in the same position where that doesn't come until much later in the year


is primarily due to the recognition of a tax refund, partially offset by the expiration of certain tax holidays.

is primarily due to the recognition of a tax refund partially offset by the expiration of certain tax holidays


for determining where we are and what the right approach for your company should be from a cyclical perspective?


rate hike has deteriorated. So can you walk us through maybe how we should think about

rate hike has deteriorated so can you walk us through maybe how we should think about


So you're not able to see into the future of the correction which basically have to do with stabilizing the subscriber base

so you're not able to see into the future the correction which basically has to do with stabilizing the subscriber base


We don't have any clients complaining about inability to fund programs.

we don't have any clients complaining about inability to fund programs


also a function of getting the word out, probably a function of clients talking with one another about the quality of the work that we're doing.

also a function of getting the word out probably a function of clients talking with one another about the quality of the work that we're doing


and we consider our internal controls over financial reporting to be effective as of our fiscal 2016 year-end.


We met with the FDA in August to review the pilot study data and discuss our next steps.

we met with the fda in august to review the pilot study data and discuss our next steps


of our guidance by about 40 basis points on the base business on the top line. That was

of our guidance by about 40 basis points on the base business on the top line that was


Additional allowances contributed 80 basis points of performance, in line with the prior year.

additional allowances contributed 80 basis points of performance in line with the prior year


And on the margin profile, are they very comparable from when you look at Ventev on the retail commercial or there is a differentiation?

and on the margin profile are they very comparable from when you look at ventiv on the retail commercial or there is a differentiation


As our financial results and liquidity position improves as a result of anticipated increased onstream rates,

as our financial results and liquidity position improves as a result of anticipated increased on-stream rates


what we're interested in, either because of their geography or structure. And it wouldn't be a good cultural fit.

what we're interested in either because of their geography or structure and it wouldn't be a good cultural fit


January was the weakest month of the quarter. Political revenues were under 1% of our quarterly sales.

january was the weakest month of the quarter political revenues were under 1% of our quarterly sales


Last quarter, I shared our vision with you, which includes being our customers' most collaborative and innovative partner.

last quarter i shared our vision with you which includes being our customers' most collaborative and innovative partner


and they are experienced in helping our customers decide on the latest and best designs for their home improvement projects.


We have provided additional disclosure related to broadcast expirations in our quarterly supplemental package.

we have provided additional disclosure related to broadcast expirations in our quarterly supplemental package


We will address the OTT substitution market in the coming weeks with a new innovative product for the marketplace which the Street will hear about

we will address the ott substitution market in the coming weeks with a new innovative product for the marketplace which the street will hear about


due to weakness in underlying premiums and profit-sharing programs on certain contracts as well as rate competition.

due to weakness in underlying premiums and profit sharing programs on certain contracts as well as rate competition


revenue growth was driven by an average price increase of approximately 9% for the year on marginally lower volumes.


And also seeing whether we can get more suppliers credit that will obviously reduce the total working capital that we need to put in place.

and also seeing whether we can get more suppliers credit that will obviously reduce the total working capital that we need to put in place


This primarily reflects quicker progress on achieving some of the benefits from the restructuring initiatives

this primarily reflects quicker progress on achieving some of the benefits from the restructuring initiatives


We have identified gaps in operations of the business that we're starting to experience

we have identified gaps in operations of the business that we're starting to experience


the other assets are not operating at a level that's approximate, that's -- looks like it's going to exceed their threshold,

the other assets are not operating at a level that's approximate -- that looks like it's going to exceed their threshold


to be a real focus of ours and something that, given the importance of the

to be a real focus of ours and something that given the importance of the


and so candidates have been identified and we're working through that process now. So

and so candidates have been identified and we're working through that process now so


So let's move to Slide 11 and get into the details with the look at the performance of buildings on a consolidated basis.

so let's move to slide 11 and get into the details with a look at the performance of buildings on a consolidated basis


A failure to execute the 40-megawatt supply agreement in 4 years results in the warrants going away.

a failure to execute the 40-megawatt supply agreement in 4 years results in the warrants going away


I'm also pleased to report that we are fully operational at our new regional distribution center in Houston.

i'm also pleased to report that we are fully operational at our new regional distribution center in houston


Obviously, we have relationships with other pretreaters, where we need to go in with someone to provide a total solution.

obviously we have relationships with other pretreaters where we need to go in with someone to provide a total solution


The Industrial Wood Coatings transaction is a perfect example of when we would look to use leverage in a value-creating transaction,

the industrial wood coatings transaction is a perfect example of when we would look to use leverage in a value-creating transaction


in the mid of the year and then we will make decisions how to use these proceeds.


That's because this is income that basically has been upstreamed from our portfolio companies where we are taxed.

that's because this is income that basically has been upstream from our portfolio companies where we are taxed


We believe this demonstrates the improved model we have been working on to expand margins

we believe this demonstrates the improved model we have been working on to expand margins


with expectations in the first half of 2016, as confirmed by the group's back-testing activities.

with expectations in the first half of 2016 as confirmed by the group's back testing activities


However, as we launch new products, we believe we'll be able to drive a higher average revenue per member in the long term.

however as we launch new products we believe we'll be able to drive a higher average revenue per member in the long term


So going back to your question, because of the PayPay online implementation,

so going back to your question because of the paypay online implementation


help us to understand how these reserves are going to work in a rising interest rate environment, how are you going to keep

help us to understand how these reserves are going to work in a rising interest rate environment are you going to keep


We expect to continue to roll that product out onto shelves sometime in the beginning of the second quarter, in that second quarter timeframe.

we expect to continue to roll that product out on to shell sometime in the beginning of the second quarter and that second quarter time frame


you now have all these different substrates under one roof, it was a good transition kind of into this next topic. Have you seen

you now have all these different substrates under one roof i mean it was a good transition kind of into this next topic have you seen


we are ready to go for them as long as we know that we have prudent assumptions in our business plans.


from Cadiz, Ohio to Defiance, Ohio, the majority of which we are receiving full negotiated rates on.

from cattus ohio to defiance ohio the majority of which we are receiving full negotiated rate zone


The first quarter of 2016 continued to be the type of challenging environment we've been preparing for

the first quarter of 2016 continued to be the type of challenging environment we've been preparing for


The pending acquisition of Hatteras is an extension of the capital allocation themes we have highlighted on our past earnings calls.

the pending acquisition of hatteras is an extension of the capital allocation themes we have highlighted on our past earnings calls


The yield that we're getting right now, it's not going to get much better. And generally the amount of molybdenum will fall.

the yield that we're getting right now it's not going to get much better and generally the amount of molybdenum will fall


reduce the revenue swings that have historically categorized our business as projects start and projects finish.


There've been no changes to our forecast since our previous announcement. Our forecast for revenue

there have been no changes to our forecast since our previous announcement our forecast for revenue


are a large and important customer segment for us, and the positive sales trend with these accounts is significant.

are a large and important customer segment for us and the positive sales trend with these accounts is significant


These are the types of things that the board reviews. It's just a little unfortunate that this one became a public matter.

these are the types of things that the board reviews it's just a little unfortunate that this one became a public matter


But in terms of partners, there is not a single partner that is important for our sales development in

but in terms of partners there is not a single partner that is important for our sales development in


If we would have waited a couple of days more, we would have seen here a positive figure.

if we would have waited a couple of days more we would have seen here a positive figure


I would like to take this opportunity to thank all our employees for their efforts over the past year.

i would like to take this opportunity to thank all our employees for their efforts over the past year


is your relationship with your authors. One of the great strengths of this business is cost of goods sold relative to the return.

is your relationship with your authors one of the great strengths of this business is cost of goods sold relative to the return


have more than a me-too offer out there and that we learn more deeply from our customers around the loyalty space.

have more than a me too offer out there and that we learn more deeply from our customers around the loyalty space


Thanks, Doug. Before we open it up for questions, I would like to briefly touch on a few financial highlights from the quarter.

thanks doug before we open it up for questions i would like to briefly touch on a few financial highlights from the quarter


where we can both come out in a better position by negotiating the work upfront, being very open, transparent

where we can both come out in a better position by negotiating the work upfront being very open transparent


I do want to spend a moment reviewing the procedural steps and time line related to us making a corporate tax election.

i do want to spend a moment reviewing the procedural steps and timeline related to us making a corporate tax election


So we're making this change, first and foremost, to simplify our tax structure to expand our eligible investor universe.

so we're making this change first and foremost to simplify our tax structure to expand our eligible investor universe


So an exciting deal and we think it's the right thing to do for this program to partner at this stage.

so an exciting deal and we think it's the right thing to do for this program to partner at this stage


And I guess on Nexium, can you comment whether or not you have included an additional competitor in your guidance for this year for that product?

and then just on nexium can you comment whether or not you've included an additional competitor in your guidance for this year for that product


The delays, which we believe have now been resolved, were associated with the customer's implementation of a new payment system.

the delays which we believe have now been resolved were associated with the customer's implementation of a new payment system


This is not meant to be a shelf program, but rather one we believe we can execute within a reasonable period of time.

this is not meant to be a shelf program but rather one we believe we can execute within a reasonable period of time


the strong unit economics of our enterprise business, which is a constantly increasing proportion of our total revenue,

the strong unit economics of our enterprise business which is a constantly increasing proportion of our total revenue


I would say internally, in terms of all our execution on our projects, we're on track. There's no issues.

i would say internally in terms of all our execution on our projects we're on track there's no issues


They in turn allowed us to penetrate the Vancouver market at a time when we were almost

they in turn allowed us to penetrate the vancouver market at a time when we were almost


Important risk factors that could cause actual results to differ from those contained in the forward-looking statements

important risk factors that could cause actual results to differ from those contained in the forward-looking statements


achieving the highest overall marks in their respective categories and regions based on customer surveys.


While the Oklahoma and non-Oklahoma footprint both experienced meaningful growth in the period,

while the oklahoma and non-oklahoma footprint both experienced meaningful growth in the period


and the number of customers who are actually shopping at one of your stores increases in a meaningful way,


finding concepts how to cycle that in a faster way because they come very fast, normally have a very good insight,

finding concepts how to tackle that in a faster way because they come very fast normally have a very good insight


whereas most markets have an equal number of diagnosed untreated patients as patients who are diagnosed and treated.


to put them into products that provide a better return from them than just a passive deposit account.


increasingly want us to be facing them from locations within the Eurozone, if that proves to be the case,

increasingly want us to be facing them from locations within the eurozone if that proves to be the case


We looked at selling that business, but quite frankly, we determined that we would get more by just

we looked at selling that business but quite frankly we determined that we would get more by just


With the acquisition offsetting the volume decline, I think the volume decline that we've experienced is one of timing,

with the acquisition offsetting the volume decline i think the volume decline that we've experienced is one of timing


this culture and training all the way through the restaurant while Scott partners with her to take from

this culture and training all the way through the restaurant while scott partners with her to take from


Our focus on these products more than compensated for the decline in pure traditional business.

our focus on these products more than compensated for the decline in pure traditional business


And I think maybe the most significant change enabling the conversation has been

and i think maybe the most significant change in enabling the conversation has been


It's -- we suffer a little bit of not being as vocal about our successes as we should be.

it's -- we suffer a little bit of not being as vocal about our successes as we should be


While our management team has been very mindful of its operating performance, we are also focused on improvements to the balance sheet.

while our management team has been very mindful of its operating performance we are also focused on improvements to the balance sheet


And that presumably, this will help with further payments on the surplus notes going forward.

and that presumably this will help with further payments on the surplus notes going forward


and its ability to deliver sustainable, profitable growth over both the near and long term.

and its ability to deliver sustainable profitable growth over both the near and long term


And that's also documented by the performance on ground. As I said before, we have tripled the

and that's also documented by the performance on ground as i said before we have tripled


So that is the part, the most important part of Argentina of the many different in Argentina compared with the previous

so that is the part the most important part of argentina of the many different in argentina compared with the previous


amortization and was not in default in any movement. So we don't believe they don't have covenants, they don't have any argument

amortization and was not in default in any moment so we don't believe they don't have covenant they don't have any argument


So it is really quite an interesting time of enormous growth and opportunities

so it is really quite an interesting time of enormous growth and opportunities


That's part of that we have recognized that the market is getting more towards

that's part of that we have recognized that the market is getting more diverse


And we've got a lot of that going on, and it's very simple to apply. You are all welcome to try. We're looking for people in the South

and we've got a lot of that going on and it's very simple to apply you're all welcome to try we're looking for people in the south


I'm just wondering if you're just starting with the new partner, potential new partners, are we looking at another

i'm just wondering if the -- if you're just starting with the new partner potential new partners are we looking at another


not all of our brands are impacted equally relative to the speed at which we're recovering supply.


To that end, we have a higher mix of our new community pipeline weighted towards these 2 buyers segments.

to that end we have a higher mix of our new community pipeline weighted towards these 2 buyer segments


Our clients are now more engaged in the process and our tax pros are providing more value-added expertise,

our clients are now more engaged in the process and our tax pros are providing more value-added expertise


from year to year and period to period. And so all of that has to be taken into account.

from year to year and period to period and so all of that has to be taken into account


staying disciplined on expenses to create operating leverage and deploying capital to drive growth and shareholder returns.


In addition, we continue to believe that getting regulatory approval for grid modernization infrastructure in Texas

in addition we continue to believe that getting regulatory approval for grid modernization infrastructure in texas


you saw some increased promotional activity that is much more reflective of timing at a few of our bigger customers


This is one thing. The other thing is probably more interesting or should be more interesting.

this is one thing the other thing is probably more interesting or should be more interesting


As a result and overall, the pipeline is stronger and better qualified than it ever has been before.

as a result and overall the pipeline is stronger and better qualified than it ever has been before


Importantly, percentage growth from the Chicago area was nearly double the growth from our other destination markets

importantly percentage growth from the chicago area was nearly double the growth from our other destination markets


This new integration is allowing customers to reduce costs in their manufacturing operations while increasing production rates.

this new integration is allowing customers to reduce cost in the manufacturing operations while increasing production rates


where it is for the type of product which are paid all by the reimbursement.


the people who are fitting the hearing aids are mainly focused on the technology, don't have to worry about commercial terms.

the people who are fitting the hearing aids are mainly focused on the technology don't have to worry about commercial terms


And I have to say I couldn't be happier with our leadership team and, indeed, the entire team we're assembling here.

and i have to say i couldn't be happier with our leadership team and indeed the entire team we're assembling here


as state tax revenues have fallen short, which is causing the legislature to make cuts to various parts of the state budget.

as state tax revenues have fallen short which is causing the legislature to make cuts to various parts of the state budget


First of all, what we've talked about is 1 point of system sales. And just to roll forward system sales, the last time we talked about it was in our

first of all what we've talked about is one point of system sales and just to roll forward system sales the last time we talked about it was in our


In Q3, we continued to show strong growth across the Nordic region both organic and acquired.

in q3 we continued to show strong growth across the nordic region both organic and acquired


With the new disclosures and now 6 months behind us in terms of how well we feel about

with the new disclosures and now 6 months behind us in terms of how well we feel about


We will expect to maintain at least that level of growth through 2017, but we will assess that when we get there.

we will expect to maintain at least that level of growth through 2017 but we will assess that when we get there


But we expect to overcome these headwinds with continued growth in specialty ingredients and good cost management.

but we expect to overcome these headwinds with continued growth in specialty ingredients and good cost management


Litigation expenses consists solely of expenses associated with the Alnylam litigation.

litigation expenses consists solely of expenses associated with the alnilam litigation


The ups and downs sometime relate to the temporary use of consulting resources and from some nonoperating costs.

the ups and downs sometime relate to the temporary use of consulting resources and from some nonoperating costs


In the first quarter of 2017 as compared to the same quarter of the prior year and as a percentage of total revenue,

in the first quarter of 2017 as compared to the same quarter of the prior year and as a percentage of total revenue


We look forward to continuing to execute on our strategic initiatives and driving value for our shareholders.

we look forward to continuing to execute on our strategic initiatives and driving value for our shareholders


grew very fast. And now we are investing in Lanvin because we think that Lanvin has

grew very fast and now we are investing in lavan because we think that lavan has


I don't know the number offhand. I can tell you that the demand is good, very good. So

i don't know the number offhand i can tell you that the demand is good very good so


increased volume came from, the municipal lending side of that would be on the lower end of a normalized yield,

increased volume came from the municipal lending side of that would be on the lower end of a normalized yield


I would like to remind the participants that the presentation does include forward-looking statements,

i would like to remind the participants that the presentation does include forward-looking statements


that have happened. So there are many markets where we pay above minimum wage. There are some that we pay at minimum wage. These are generally the higher

that have happened so there are many markets where we pay above minimum wage there are some that we pay at minimum wage these are generally the higher


Most importantly, we delivered these results without incurring any severe injuries or accidents during the quarter.

most importantly we delivered these results without incurring any severe injuries or accidents during the quarter


with the introduction of the new customer bag notification tool, which went live in July of this summer.

with the introduction of the new customer bag notification tool which went live in july of this summer


Is there a concern at all that will change any of the demand trends as we go through the year?

is there a concern at all that will change any of the demand trends as we go through the year


We have set up innovation centers across the world to serve as innovation showcases which will help us initiate conversations with customers

we have set up innovation centers across the world to serve as innovation showcases which will help us initiate conversations with customers


In a moment, I'll dive into our business results. But first, let me set the stage with some brief comments on the housing market.

in a moment i'll dive into our business results but first let me set the stage with some brief comments on the housing market


We have noted additions to our management ranks to augment our scientific expertise and operational capabilities,

we have noted additions to our management ranks to augment our scientific expertise and operational capabilities


and we have begun to shift workstreams to the facility. We continue to actively market the facility

and we have begun to shift work streams to the facility we continue to actively market the facility


In addition, we continue to initiate new and expand existing strategic relationships with our clients.

in addition we continued to initiate new and expand existing strategic relationships with our clients


Some examples of these initiatives have been highlighted to the right -- sorry, to the left -- against each of these themes.

some examples of these initiatives have been highlighted to the right sorry to the left against each of these themes


Can we go and see if there's anything on the Web or the phones? There aren't any questions on the Webcast or on the phones, Mike.

can we go and see if there's anything on the web or the phones there aren't any questions on the webcast or on the phones mike


So what we did was extract the portions of those strategies that made sense, embedded them in the customer book,

so what we did was extract the portions of those strategies that made sense embedded them in the customer book


company to allocate us at our normal market share. The calls they would get from our competitors would be

company to allocate us at our normal market share the calls they would get from our competitors would be


marketing expenses and other things. And how you see that trending going forward?

marketing expenses and other things and how you see that trending going forward


Social media buzz around this launch has been incredible and sales have been growing at a fast pace.

social media buzz around this launch has been incredible and sales have been growing at a fast pace


and constantly review our cash requirements in areas to invest in, in order to improve our shareholder return.

and constantly review our cash requirements and areas to invest in in order to improve our shareholder return


Notably, as we have discussed for some time, we have remained disciplined as we continue to see rich valuations in the marketplace

notably as we have discussed for some time we have remained disciplined as we continue to see rich valuations in the marketplace


Now turning to Slide 11, you can see an overview of this quarter's performance in terms of earnings per share.

now turning to slide 11 you can see an overview of this quarter's performance in terms of earnings per share


has created a vibrant business that is delivering consistent growth and share gains.


it could have been some smaller parts of some packages that we could have been interested in. But

could have been some smaller parts of some packages that we could have been interested in but


So we are making good progress on our key initiatives, but we still have opportunities to enhance what we're already doing.

so we're making good progress on our key initiatives but we still have opportunities to enhance what we're already doing


I believe this has to do with bad press and all the things that

i believe this has to do with their press and all the things that


on the actions you're taking now in terms of benefit for '17 and later?


conversion of a significant new client, as well as the growth associated with our wealth management platform business.

conversion of a significant new client as well as the growth associated with our wealth management platform business


I think we've been pretty consistent in admitting this and in saying that the situation is such

i think we've been pretty consistent in admitting this and in saying that the situation is such


We believe this includes a good balance of returning cash to shareholders while still investing in the future growth of our company.

we believe this includes a good balance of returning cash to shareholders while still investing in the future growth of our company


Our successful conversion record and domain expertise is unmatched in our industry, something we take great pride in.

our successful conversion record and domain expertise is unmatched in our industry something we take great pride in


Income continues to be supported by record levels of employment, whilst pressure on consumers

income continues to be supported by record levels of employment whilst pressure on consumers


Significant factors that could cause results to differ from those anticipated are described in our earnings release and our filings with the SEC.

significant factors that could cause results to differ from those anticipated are described in our earnings release and our filings with the sec


and it is decidedly unglamorous. And I think the most important thing to do in order to drive that business is to

and it is decidedly unglamorous and i think the most important thing to do in order to drive that business is to


For Crisco, a decline was anticipated, reflecting loss distribution at a key retailer in the club channel.

for crisco a decline was anticipated reflecting lost distribution at a key retailer in the club channel


as the company hasn't done anything wrong and actually have been a victim of fraud.


examples of things in our road map that are competing for resources and just kind of prioritization. So

examples of things on our road map that are competing for resources and just kind of prioritization so


As noted, the normal seasonality of Part D will result in lower reported segment profit in the first half of the year

as noted the normal seasonality of part d will result in lower reported segment profit in the first half of the year


all of the customers in the market have seen what happened at San'an. So

all of the customers in the market have seen what happened at xenon so


if you allow me to use this well-used analogy. So I think it is a testament to the agility of our people

if you allow me to use this well-used analogy so i think it is a testament to the agility of our people


but conversion has been lower. So our customers are taking more time to make their decision as their confidence levels remain a bit lower.

but conversion has been lower so our customers are taking more time to make their decision as their confidence levels remain a bit lower


This was taken from a public information source. It's a summary of

this was taken from a public information source it's a summary of


We continue to expect low- to mid-single-digit growth for this franchise in the second half of the year.

we continue to expect low to mid-single-digit growth for this franchise in the second half of the year


contracts on your existing book of business, which frees up more dollars for investments? I understand you expect

contracts on your existing book of business which frees up more dollars for investments i understand you expect


and -- of mining operators who I think can better predict going forward. We haven't seen any recovery

and mining operators who i think can better predict going forward but we haven't seen any recovery


I think one of the larger themes at the Paris Air Show was that defense spending actually looks better

i think one of the larger themes at the paris air show was that defense spending actually looks better


company like Compugen. Which I think, and I think that this is the reason that they are engaged with the company,

with a company like compugen which i think and i think that this is the reason that they are engaged with the company


Brazil is also contracting economically. In particular, orders from our customers in white goods

brazil is also contracting economically in particular orders from our customers in white goods


key leading indicator for shipments for the balance of this year and beyond have strengthened in important ways.

key leading indicators for shipments for the balance of this year and beyond have strengthened in important ways


Moreover, as part of its financial strategy, the company seeks to amplify the options available for funding sources.

moreover as part of its financial strategy the company seeks to amplify the options available for funding sources


We're pleased to also be able to provide an update on our proposed strategic partnership with Oaktree Capital Management.

we're pleased to also be able to provide an update on our proposed strategic partnership with oaktree capital management


Our promotion strategy was effective through the holiday season, a period where most retailers were aggressively discounting.

our promotion strategy was effective through the holiday season a period where most retailers were aggressively discounting


I think we've been patient and thoughtful, and we will continue to be that. But if we find something that we feel is

i think we've been patient and thoughtful and we'll continue to be that but if we find something that we feel is


ahead of a transition to a new distribution facility. As part of our ongoing efficiency initiatives,

head of a transition to a new distribution facility as part of our ongoing efficiency initiatives


We shared with you that this was to be a long-term journey to field growth and profits for West.

we shared with you that this was to be a long-term journey to feel growth and profits for west


in the fourth quarter of '18. And this initiative of liability management continues underway.

in the fourth quarter of '18 and this initiative of liability management continues underway


This shows me that we are on track to reach cash flow breakeven and GAAP income this year.

this shows me that we are on track to reach cash flow breakeven and gaap income this year


And last but not least, as you know, we've invested also substantially in the last couple of years and will continue to do so

and last but not least as you know we've invested also substantially in the last couple of years and we'll continue to do so


Moving forward, there are 2 ways how we're going to be engaging with the client, either on an advisory basis.

moving forward there are 2 ways how we're going to be engaging with the client either on an advisory basis


So is it that they're going somewhere else? Because they've got to supply product to

so is it that they're going somewhere else because they've got a supply product to


We remain committed to using the proceeds to eliminate our total debt once the transaction is completed.

we remain committed to using the proceeds to eliminate our total debt once the transaction is completed


We are learning a lot while operating our automated advertising platform, and we are constantly improving the way we sell and serve advertising.

we are learning a lot while operating our automated advertising platform and we are constantly improving the way we sell and serve advertising


quarters that has a big impact on margin. There are impacts on -- from

quarters that has a big impact on margin there are impacts on -- from


had a significantly greater likelihood of disability improvement than those who initiated treatment later in the course of their disease.


some that will be more and more interesting. And we won't hesitate to continue to commit capital

some that will be more and more interesting and we won't hesitate to continue to commit capital


As Bob discussed, our sales associate turnover continued to improve for the third straight year.

as bob discussed our sales associate turnover continued to improve for the third straight year


This may be a surprise to some of you because the pattern has been that the interim dividend has remained flat while the full year dividend has increased,

this may be a surprise to some of you because the pattern has been that the interim dividend has remained flat while the full year dividend has increased


Can you share or provide some more color about the success you're seeing here in the maturation of these dealerships,

can you share or provide some more color about the success you're seeing here in the maturation of these dealerships


when I was younger, I used to think you could put these restructuring programs in place and not lose any revenue in the short run.

when i was younger i used to think you could put these restructuring programs in place and not lose any revenue in the short run


and a little apology for a delay in the release of those results this morning which was due to

and a little apology for the delay in the release of those results this morning which was due to


I also want to point out that even though current forwards are below their year-to-date highs, Vistra was able to hedge

i also want to point out that even though current forwards are below their year-to-date highs vistra was able to hedge


We actually have an idea which I don't want to front run right now, because we're trying to work this with a group of people that we think

we actually have an idea which i don't want to front run right now because we're trying to work this with a group of people that we think


I think if folks are holding out for that, I believe that has an extremely low chance of success

i think if folks are holding out for that i believe that has an extremely low chance of success


Also available on our website are a copy of today's investor presentation, our 10-Q and the related earnings release.

also available on our website are a copy of today's investor presentation our 10-q and the related earnings release


During Q1, we realized revenues from our previously announced win of a mobile carrier in the Middle East.

during q1 we realized revenues from our previously announced win of a mobile carrier in the middle east


and then whatever we have left available into the export market. But like we've said over time,

and then whatever we have left available into the export market but like we've said over time


Thank you, Denise, and thanks to all of you for joining us today to review the financial results of ImmuCell Corporation

thank you denise and thanks to all of you for joining us today to review the financial results of imicel corporation


with expanding gross and operating margins, strong earnings growth and multiple drivers for incremental revenues

with expanding gross and operating margins strong earnings growth and multiple drivers for incremental revenues


organic business other than to continue to reflect the lower cooler sales to this customer.

the organic business other than to continue to reflect the lower cooler sales to this customer


of Australia and in New Zealand, but we do remain cautious about trying to predict the market in the short run.

of australia and in new zealand but we do remain cautious about trying to predict the market in the short run


So overall, the hydration portfolio is strong. And our goal is to make sure as a repertoire category,

so overall the hydration portfolio is strong and our goal is to make sure as a repertoire category


to zero-equivalent emission with no commercial constraints on supply or technological readiness.

to 0 equivalent emissions with no commercial constraints on supply or technological readiness


And my last question is related to the strategic review which I understand can only take place after

and my last question is related to the strategic review which i understand can only take place after


In addition to these various organizational changes that entered into effect this year,

in addition to these various organizational changes that entered into effect this year


Then at the end of May, we completed enrollment and dosing of the entire SAD portion of the study in healthy volunteers.

then at the end of may we completed enrollment and dosing of the entire sad portion of the study in healthy volunteers


Profits and underwriting were again significant, supported by ongoing reserve releases from our excellent claims management

profits and underwriting were again significantly supported by ongoing reserve releases from our excellent claims management


These statements involve a number of risks and uncertainties that could cause actual results to differ materially.

these statements involve a number of risks and uncertainties that could cause actual results to differ materially


For a description of the risks associated with Mogo's business, please refer to the company's filings for the third quarter,

for a description of the risks associated with mogo's business please refer to the company's filings for the third quarter


Similarly, in Europe, the dollar value of sales there have declined with the decline in the value of the euro.

similarly in europe the dollar value of sales there had declined with the decline in the value of the euro


I'll come back to this concept of higher usage in a minute when I talk about our network acquisition costs and our related buying strategy.

i'll come back to this concept of higher usage in a minute when i talk about our network acquisition costs and our related buying strategy


and that's why we're going to have a financial intermediate holding company as I mentioned earlier in my presentation.

and that's why we're going to have a financial intermediate holding company as i mentioned earlier in my presentation


We like managing to reach the number, so we will make adjustments so that we could reach our numbers.

we like managing to reach the numbers so we will make adjustments so that we can reach our numbers


Look for more about this in the future quarters as we experiment with new opportunities along with our distribution partners.

look for more about this in the future quarters as we experiment with new opportunities along with our distribution partners


really on track to deliver on the promises we made 2 years ago. We are doing

really on track to deliver on the promises we made 2 years ago we are doing


We continue to perform well in quarter 4, with growth above the selected segment.

we continue to perform well in quarter 4 with growth above the selected segment


delivering higher revenues and functional currency and leveraging a reduced fixed cost base from their transformation initiatives.

delivering higher revenues in functional currency and leveraging a reduced fixed cost base from their transformation initiatives


We've been seeing improved quoting activity and order flows though order sizes have been much smaller.

we've been seeing improved quoting activity and order flows though order sizes have been much smaller


It is important to note that technology expenses have grown much faster than non-technology expenses

it is important to note that technology expenses have grown much faster than nontechnology expenses


and when you just look at the overall math of the company, I think we've got very good line of sight to being able to

and when you just look at the overall map of the company i think we've got very good line of sight to being able to


We anticipate regional demand for composite solutions will continue, which is why we're building a fiberglass plant in Saudi Arabia,

we anticipate regional demand for composite solutions will continue which is why we're building a fiberglass plant in saudi arabia


What are the critical steps? And specifically with CST, how do you see the entire integration playing out?

what are the critical steps and specifically with csg how do you see the entire integration playing out


This is just one of the many things we do today with Google, who has grown to be one of our largest Watch clients.

this is just one of the many things we do today with google who has grown to be one of our largest watch clients


our ability, one, for it to be attractive to certain sellers, especially by the tax nature of it.

our ability -- one for it to be attractive to certain sellers especially by the tax nature of it


A discussion of risks and uncertainties is included in our Form 10-Q and other SEC filings.

a discussion of risks and uncertainties is included in our form 10-q and other sec filings


so please refer to the press releases for the associated risk of such statements. I would now like to

so please refer to the press releases for the associated risk of such statements i would now like to


clearly, I think all of us have been pleasantly surprised by just how stronger markets have been even in the last 6 months. And even as we look at,

clearly i think all of us have been pleasantly surprised by just how strong the markets have been even in the last 6 months and even as we look out


incredibly well. So that's going to be our next step from an investment in our food quality. As we said on the call, we still expect

incredibly well so that's going to be our next step from an investment in our food quality as we said on the call we still expect


So that your questions can be included, we request that you call in to the telephone number given in the press release from last night.

so that your questions can be included we request that you call into the telephone number given in the press release from last night


We will provide updates in the coming months as we work through these processes as well as our assessment for our remaining international footprint.

we will provide updates in the coming months as we work through these processes as well as our assessment for our remaining international footprint


industry trends, company initiatives and other future events. You are cautioned that such statements are simply predictions,

industry trends company initiatives and other future events you are cautioned that such statements are simply predictions


We disagree with this draft decision for a few reasons. It creates new uncertainty in the market.

we disagree with this draft decision for a few reasons it creates new uncertainty in the market


I think there are 2 things. And we've experienced this before

i think there are 2 things and we've experienced this before


but we're certainly going to share with you in the next few seconds some goals that we have for this year.


We are ready and we have already begun to meet these challenges and are very excited about our future.

we are ready and we have already begun to meet these challenges and are very excited about our future


in our next slide, we talk about net income. We see here

in our next slide we talk about net income we see here


Information on these risks and uncertainties and other information affecting our business and operating results

information on these risks and uncertainties and other information affecting our business and operating results


And I think just with the most recent advertising, we made a little pivot towards reminding people

and i think just with the most recent advertising we made a little pivot towards reminding people


The second is content. We're seeing a really big content opportunity. We rolled out

the second is content we're seeing a really big content opportunity we rolled out


near-term items that were impacting that. Could you just go through what exactly that was and maybe how much of an impact that had?

near-term items that were impacting that could you just go through what exactly that was and maybe how much of an impact that had


that's a second example. And then we'll see what happens on the negotiated discounts, that's still in front of us. But what I would say about

that's a second example and then we'll see what happens on the negotiated discounts that's still in front of us but what i would say about


It is very good for the patients, it's very good for the society and it will be -- it's certainly part of the future.

it is very good for the patients it's very good for the society and it will be certainly part of the future


I think this is the point where I hand over to Kimmo to say a few words about

i think this is the point where i hand over to kim to say a few words about


We believe we're highly complementary not competitive and our research tells us this across all of our venues.

we believe we're highly complementary not competitive and our research tells us this across all of our venues


we want to be poised to take advantage of opportunities in the future. I assure you this decision was not made lightly

we want to be poised to take advantage of opportunities in the future i assure you this decision was not made lightly


So when we place the order with the supplier -- when we place an order with the customer and the supplier, we know what the margin is.

so when we place the order with the supply -- when we place the order with the customer and the supplier we know what the margin is


how does an individual asset integrate into the platform but how does an individual asset,


not only to an increase in NYMEX pricing but also the improvement in regional basis differentials during the quarter,

not only to an increase in nymex pricing but also the improvement in regional basis differentials during the quarter


These capacity issues have been subsequently resolved in -- during October production.

these capacity issues have been subsequently resolved during october production


equivalent per day quarter-over-quarter is primarily attributable to the decreased activity in the Pinedale field.

equivalent per day quarter-over-quarter is primarily attributable to the decreased activity in the pinedale field


or are you facing more pushback from customers at this stage of the cycle than you would typically see?


primarily reflects the impact of changes in service mix between our transaction and annuity businesses.

primarily reflect the impact of changes in service mix between our transaction and annuity businesses


drives operational efficiency and provides a competitive advantage with virtual customers.


we could look at adding a little bit of leverage onto the balance sheet. We have none currently.

we could look at adding a little bit of leverage onto the balance sheet we have none currently


We're investing time and resources to control and acquire land positions that fit within our operating strategies.

we are investing time and resources to control and acquire land positions that fit within our operating strategies


your balance of foreign cash as a percent of total cash, how does that come into the consideration?

your balance of foreign cash as a percent of total cash how does that come into the consideration


this stuff, I think we should get out sort of necessarily thinking about it in those terms. There are events

this stuff i think we should get out of sort of necessarily thinking about it in those terms there are events


So -- and obviously, we experienced a very volatile interest rate market

so -- and obviously we experienced a very volatile interest rate market


The systems that are not subject to the quota really are those in military hospitals in Hong Kong.

the systems that are not subject to the quota really are those in military hospitals in hong kong


And this concludes today's conference. And as a reminder, a replay for this conference will be available for 7 days

and this concludes today's conference and as a reminder a replay for this conference will be available for 7 days


about 70% of our outflows from SIPP on Wrap, for instance, goes back to the customer in terms of regular income

about 70% of our outflows from sip on wrap for instance goes back to the customer in terms of regular income


our marketing group continues to do an outstanding job creating demand and is the key reason for our strong organic growth.

our marketing group continues to do an outstanding job creating demand and is a key reason for our strong organic growth


I don't think many analysts have allocated much value to our financial investments and ability to generate value out of that.

i don't think many analysts have allocated much value to our financial investments and ability to generate value out of them


already work closely with LinkedIn in a number of different areas. We are looking at ways to deepen that relationship.

already work closely with linkedin in a number of different areas we are looking at ways to deepen that relationship


And the plan is for that to resolve itself for the most part in the current quarter.

and the plan is for that to resolve itself for the most part in the current quarter


At the same time, our current trends confirm that we are on track to hit full productivity by the end of the summer.

at the same time our current trends confirm that we are on track to hit full productivity by the end of the summer


so that was the first they could file. And we get notified a little bit after that, and they always file as soon as they can.

so that was the first they could file and we get notified a little bit after that and they always file as soon as they can


the fact that people are remaining on therapy, and we're building up a very strong safety database as a consequence of that. So

the fact that people are remaining on therapy and we're building up a very strong safety database as a consequence of that so


Interruption incentive schemes include customer interruptions and customer minutes lost.

interruption incentive schemes include customer interruptions and customer minutes lost


As shown at the top of this slide, we have earned an A credit rating through our years of cumulative favorable performance.

as shown at the top of this slide we have earned an a credit rating through our years of cumulative favorable performance


We have been active in building that investment capacity through the recent expansion of line of credit,

we have been active in building that investment capacity through the recent expansion of line of credit


As with the Alexion collaboration, most of this will be recognized as revenue over the next 3 years.

as with the alexion collaboration most of this will be recognized as revenue over the next 3 years


Another reason we're seeing these higher loan amounts is due to the direct mail for large loans,

another reason we're seeing these higher loan amounts is due to the direct mail for large loans


and collected a significant portion of the anticipated surplus of outstanding accounts receivable


At the end of 2018, there was impact from volatility in the capital markets.

at the end of 2018 there was impact from volatility in the capital market


for additional information concerning factors that could cause actual results to differ from the information discussed this morning.


delivering higher resolution at extremely fast acquisition speeds for demanding vision applications.


One would be what we define in emerging markets where there is government intervention or government construction

one would be what we defined in emerging markets where there's government intervention or government construction


with the exiting position of Europe. I think they are well positioned from a margin and a profitability perspective now

with the exiting position of europe i think they are well positioned from a margin and a profitability perspective now


So it's not just one individual piece, but it's the collection of those pieces that make this very attractive.

so it's not just one individual piece but it's the collection of those pieces that make this very attractive


Both the pension supplement accounting charge and the bonuses are reflected in those results on

both the pension settlement accounting charge and the bonuses are reflected in those results on


This underscores the importance of the initiative we have underway to transform our front-end patient and physician experience.

this underscores the importance of the initiative we have underway to transform our front-end patient and physician experience


a few things going on that are moving us in the right direction. And I think if you look at

a few things going on that are moving us in the right direction and i think if you look at


The ratio of our total operating expenses, excluding interest expense as a percentage of our average total assets,

the ratio of our total operating expenses excluding interest expense as a percentage of our average total assets


I'll now briefly touch on some fundamental trends in our businesses, starting with our domestic businesses.

i'll now briefly touch on some fundamental trends in our businesses starting with our domestic businesses


Thank you for taking the time to listen in on our fiscal 2017 results conference call.

thank you for taking the time to listen in on our fiscal 2017 results conference call


realistically expect it to be as strong as it was the first quarter? I'd love that. I'm not sure the team would love me to say that. But

realistically expect it to be as strong as it was the first quarter i'd love that i'm not sure the team would love me to say that but


would you be willing to increase the leverage on your balance sheet and to what levels?


Looking forward, we continue to proactively monitor all accounts as well as developments within the residential housing sector.

looking forward we continue to proactively monitor all accounts as well as developments in the residential housing sector


partners to solve thousands of engineering challenges and yield many scientific discoveries.

partners to solve thousands of engineering challenges and fuel many scientific discoveries


very much beneficial coming in the first quarter. And we also had improved operating performance coming into the first quarter.

very much beneficial coming in the first quarter and we also had improved operating performance coming into the first quarter


so that we can lower our leverage to less than 3x EBITDA within 18 months of the close.

so that we can lower our leverage to less than 3x ebitda within 18 months of the close


And not to peek too far into the future, but one of our distinctive advantages is our personal relationships in this marketplace.

and not to peek too far into the future but one of our distinctive advantages is our personal relationships in this marketplace


We are targeting more than 300 million active accounts on our platform

we are targeting more than 300 million active accounts on our platform


This concludes today's conference call. Thank you for your participation. You may now disconnect.

this concludes today's conference call thank you for your participation you may now disconnect


the guidance that we gave in our Capital Markets Day forecast. And again, that's one of the reasons that

the guidance that we gave in our capital markets day forecast and again that's one of the reasons that


All of our businesses are going to have to add value for shareholders. Our focus is

all of our businesses are going to have to add value for shareholders our focus is


a market question in that is there something different about the structure, weather it's distribution

a market question in that is there something different about the structure whether it's distribution


Generally, these results reflect a trend of increasing premiums earned, which has largely offset higher losses in claims.

generally these results reflect the trend of increase in premiums earned which has largely offset higher losses and claims


Our Language Solutions business derived its revenue primarily from the financial, life sciences and legal industries.

our language solutions business derives its revenue primarily from the financial life sciences and legal industries


but around the world. And our results are very strong. And again, while it's difficult to speculate about a label this early

but around the world and our results are very strong and again while it's difficult to speculate about a label this early


Words of expression reflecting optimism, satisfaction with current prospects as well as words such as believe, intend,

words of expression reflecting optimism satisfaction with current prospects as well as words such as believe intend


We are not obliged to buy -- to make everything we sell, and we will find alternative solutions for our customers.

we are not obliged to buy -- to make everything we sell and we will find alternative solutions for our customers


good weather and additional local vacation days during the summer period.


which is more than offsetting the upside in the first quarter. Is that a fair way to think about the guidance? It looks pretty straightforward. I just wanted to confirm that.

which is more than offsetting the upside in the first quarter is that a fair way to think about the guidance it looks pretty straightforward i just wanted to confirm that


And I would add that we do have the ability to flex up our container order if market conditions improve.

and i would add that we do have the ability to flex up our container order if market conditions improve


around our hotels in New York, we've actually continued to have growth, both in room nights as well as in rates.

around our hotels in new york we've actually continued to have growth both in room nights as well as in rates


I think what I will say to you is that I -- my remarks that I made earlier that I do expect there to be

i think what i will say to you is that i -- my remarks that i made earlier that i do expect there to be


which are expected to offset the margin dilution from the handful of recovery projects ramping up through the year-end.


Finally, I think it's important to spend some time discussing the upcoming infrastructure opportunities at Construction Materials.

finally i think it's important to spend some time discussing the upcoming infrastructure opportunities at construction materials


so there certainly is that potential that we would move right into a registration trial. But let's wait and see the data.

so there certainly is that potential that we would move right into a registration trial but let's wait and see the data


The cash effect of this charge and the existing reserve will be incurred over the next 15-plus years.

the cash effect of this charge and the existing reserve will be incurred over the next 15-plus years


Our Phase I study for pediatrics is enrolling and the randomized controlled trial is planned for the second half of this year.

our phase i study for pediatrics is enrolling and the randomized control trial is planned for the second half of this year


is that starting to swing your way to put up those types of sequential leverage numbers?


overall earnings as a percent of sales will continue to be flat to slightly up even though it's on the lower sales.


for the last several quarters due in part to very strong Rx sales that have been double digit for the last several quarters.

for the last several quarters due in part to very strong rx sales that have been double-digit for the last several quarters


margin growth through improved pricing, operational efficiency and supply chain optimization.

margin growth through improved pricing operational efficiency and supply chain optimization


The other thing that's not really thrown here yet is a full impact of Green Hills, which will come through in the second half in the development line.

the other thing that's not reading through and here yet is the full impact of greenhills which will come through on the second half in the development line


We are encouraged by these developments and applaud politicians moving in the right direction on this issue.

we are encouraged by these developments and applaud politicians moving in the right direction on this issue


Second question would be whether you could comment on the impact of supply chain disruptions

second question would be whether you could comment on the impact of supply chain disruptions


We just think that market is deep enough. It's deep enough for a project, particularly, one that delivers rich LNG, at a time where

we just think that market is deep enough it's deep enough for a project particularly one that delivers rich lng at a time where


The first risk was the sales force in the CSS segment and the integration and our significant

the first risk was the sales force in the css segment and the integration and our significant


And just overall equipment revenues as well came in a little bit lower. So I think some of those adjustments.

and just overall equipment revenues as well came in a little bit lower so i think some of those adjustments


market, we really have not seen any material improvement when you think about the business around the world. A little bit of

market we really have not seen any material improvement when you think about the business around the world a little bit of


As I mentioned previously, we believe the current price of our stock is significantly undervalued.

as i mentioned previously we believe the current price of our stock is significantly undervalued


We are excited about E3 and expect to hear major news on virtual reality as well as potential new consoles.

we are excited about e3 and expect to hear major news on virtual reality as well as potential new consoles


but are you seeing some of this weakness kind of translate into other freighter assets? I'm wondering if you could give us some color here, maybe

but are you seeing some of this weakness kind of translate into other freighter assets i'm wondering if you could give us some color here maybe


lease revenue and then you had asset sales. And we do expect a fair bit of selling also here in the fourth quarter.

lease revenue and then you had asset sales and we do expect a fair bit of selling also here in the fourth quarter


I think it's a whole conversation of something that we've been at and working on for a number of years that built a relationship with the consumer,

i think it's a whole conversation of something that we've been at and working on for a number of years that built a relationship with the consumer


the people that just don't want to live next door to a 2-story with a bunch of kids. And those buyers are out there.

the people that just don't want to live next door to a 2-story with a bunch of kids and those buyers are out there


for our pricing, so to -- in other words, to make it a little less variable than it's been in the past.

for our pricing so to -- in other words to make it a little less variable than it's been in the past


Because of the work that's been done, and frankly because of the way we're going to manage the business going forward, we will capture more scale benefits.

because of the work that's been done and frankly because of the way we're going to manage the business going forward we will capture more scale benefits


So the way I look at this year, next year is we're going to basically use up about 40 DUCs in our inventory

so the way i look at this year next year is we're going to basically use up about 40 ducts in our inventory


But not only cars -- as you can see in the slide, we also received orders for a new electric loader

but not only cars as you can see in the slide we also received orders for a new electric loader


China and that influences not only our log export demand, but also our demand from

china and that influences not only our log export demand but also our demand from


I am proud to be part of the American Midstream team, and I commend everyone here for their outstanding operating performance and safety record.

i am proud to be part of the american midstream team and i commend everyone here for their outstanding operating performance and safety record


retail banners to make sure we have a strong assortment that's priced right, aggressive promo with an eye that's making sure that it's profitable.

retail banners to make sure we have a strong assortment that's priced right aggressive promo but with an item making sure that it's profitable


I also think we did a better job of managing our working capital within the balance sheet, and that's just a maturing business getting better at what it does. So

i also think we did a better job of managing our working capital within the balance sheet and that's just a maturing business getting better at what it does so


And this does conclude today's call. Thank you, everyone, for your participation. You may disconnect at any time and have a great day.

and this does conclude today's call thank you everyone for your participation you may disconnect at any time and have a great day


This concludes today's conference call. You may now disconnect.

this concludes today's conference call you may now disconnect


And more importantly, we continue to make important investments into our business to set us up for the future.

and more importantly we continue to make important investments into our business to set us up for the future


This was the result of weaker traffic during the quarter due in part to a shift in our promotional strategy.

this was the result of weaker traffic during the quarter due in part to a shift in our promotional strategy


In addition to the press release distributed last evening, a quarterly supplemental package with further detail on our results

in addition to the press release distributed last evening a quarterly supplemental package with further detail on our results


from one of our minority interest investment and marked to market foreign exchange gains on currency hedges.

from one of our minority interest investments and mark-to-market foreign exchange gains on currency hedges


in terms of is it more balanced towards -- shifting towards oncology? Are you still thinking about expanding in the addiction space?

in terms of is it more balanced towards shifting towards oncology are you still thinking about expanding in the addiction space


they have a very high likelihood of doubling over the next 3 years or so. And so as we wrap up,

they have a very high likelihood of doubling over the next 3 years or so and so as we wrap up


Thanks, Bill, and good morning, everyone. Let me begin by indicating that our strong first quarter numbers

thanks phil and good morning everyone let me begin by indicating that our strong first quarter numbers


we look forward to speaking to you again on our second quarter call in early August. Thank you, and have a great day.

we look forward to speaking to you again on our second quarter call in early august thank you and have a great day


both of which are a reflection of our continued commitment to our core value of supporting the communities in which we live and work.


Demand for semiconductor plate has been strong and is expected to remain steady for the balance of the year.

demand for semiconductor plate has been strong and is expected to remain steady for the balance of the year


rough feel for 2016 CapEx at this point, and any commentary you can make on working capital as well

rough feel for 2016 capex at this point and any commentary you can make on working capital as well


Similar to the third quarter, we completed several new investments in the fourth quarter that continued to change the complexion of our balance sheet.

similar to the third quarter we completed several new investments in the fourth quarter that continued to change the complexion of our balance sheet


there may be untoward consequences biologically because as I alluded to in my remarks,

there may be untoward consequences biologically because as i alluded to in my remarks


We've been diving into our focus on efficiency and expense control. That process is going to bear some great fruit as we look

we've been diving in to our focus on efficiency and expense control that process is going to bear some great fruit as we look


I think there were -- well, I don't think -- I know that there were operators in Europe -- smaller operators in Europe

i think there were -- well i don't think i know that there were operators in europe smaller operators in europe


and we look forward to continuing to report on our progress on future calls. With that said, Dean and I will be happy to take your questions.

and we look forward to continuing to report on our progress on future calls with that said dean and i will be happy to take your questions


we -- with the disclosure of the North and South meeting halls, we will undertake the renovation of our JW Marriott.

we -- with the disclosure of the north and south meeting halls we will undertake the renovation of our jw marriott


And in my view, our teams did extremely well to nevertheless return slightly positive

and in my view our teams did extremely well to nevertheless return slightly positive


except for some extreme events which we would not expect to happen every year or even every other year.


For us, this provides revenue opportunities by offering new services to customers.

for us this provides revenue opportunities by offering new services to customers


With these significant improvements to our digital ordering experience, we are now in a position to promote digital ordering more aggressively.

with these significant improvements to our digital ordering experience we are now in a position to promote digital ordering more aggressively


has a lot to do with the level of rates. What we saw in Q1 was a very sharp rally

has a lot to do with the level of rates what we saw in q1 was a very sharp rally


The purpose of the loan was to assist in financing our capital expenditures requirements for our international operations.

the purpose of the loan was to assist in financing our capital expenditures requirements for our international operations


But now there are so many facilities. You can do so much more to them because you have new technologies.

but now there are so many facilities you can do so much more to them because you have new technologies


This request does not impact either the cash available to the company for use or our leverage levels.

this reclass does not impact either the cash available to the company for use or our leverage levels


During the third quarter, we continued to actively manage our portfolio, taking advantage of opportunities to sell properties.

during the third quarter we continued to actively manage our portfolio taking advantage of opportunities to sell properties


that included the addition of new dealers and the release of several product enhancements. Sales execution was solid

that included the addition of new dealers and the release of several product enhancements sales execution was solid


Another impact of the Cures Act is not in the traditional home infusion marketplace,

another impact of the cures act is not in the traditional home infusion marketplace


which is now live in more than 25 countries with more than 7 million downloads. So

which is now live in more than 25 countries with more than 7 million downloads so


But is the improvement at this point largely just going to come from medical management initiatives? And if that is the case,

but is the improvement at this point largely just going to come from medical management initiatives and if that is the case


and as Matt described in some detail, the fact that we're seeing customers and significant major customers

and as matt described in some detail the fact that we're seeing customers and significant major customers


but not very attractive given that it would only likely attract more of the types of issues we experienced in Alberta.

but not very attractive given that it would only likely attract more of the types of issues we experienced in alberta


and focus on downside protection during the frothy credit markets of the recent few years.


the performance of beverage products. With better margin, better profitability, you have greater resources.

the performance of beverage products with better margin better profitability you have greater resources


as significant a discount on our product as it sells. So I think it's a matter of both

as significant a discount on our product as it sells so i think it's a matter of both


We take great pride in being a leader in the weight loss industry and in our mission based focus to help people achieve healthy outcomes.

we take great pride in being a leader in the weight loss industry and in our mission-based focus to help people achieve healthy outcomes


acquisitions and development programs, and that excludes the additional mortgage funding on these new properties.

acquisitions and development programs and that excludes the additional mortgage funding on these new properties


which included minimizing regulatory lag and achieving the allowed returns set by each regulatory jurisdiction,


that are currently sort of scheduled. I think we've been telling investment community, guiding them

that are currently sort of scheduled i think we've been telling investment community guiding them


other than for the increases to that estimate that will result from the acquisitions we complete during the remainder of the year.


and place gun barrel straight wellbores more precisely and accurately sets the stage for compelling business opportunities within the segment.

and place gun barrel straight wellbores more precisely and accurately sets the stage for compelling business opportunities within this segment


I think the style of the kinds of acquisitions that we've been making through the downturn has evolved a bit.

i think the style of the kinds of acquisitions that we've been making through the downturn has evolved a bit


and similar to the first quarter as decreases in industry production builds are expected to continue in the second quarter.

and similar to the first quarter as decreases in industry production bills are expected to continue in the second quarter


And these investments are started to show very positive trends. As we successfully continue to execute on our plans,

and these investments are starting to show very positive trends as we successfully continue to execute on our plans